General

We Won’t Divert ISOPADEC Funds—Imo Deputy Governor-Elect

Published

7 years ago

16/03/2019

The Imo State Deputy Governor-elect, Mr Gerald Alphonsus Irona, has said funds meant for Imo State Oil Producing Areas Development Commission (ISOPADEC) will no longer be diverted, but used for the development of the oil producing areas of the state.

Mr Irona stated this while addressing thousands of stakeholders of Ohaji/Egbema/Oguta/Oru West Federal Constituency, who gathered in Oguta to receive him after the announcement of the Peoples Democratic Party (PDP) as winner of the just concluded governorship election in the state.

He also preached forgiveness and reconciliation of all, urging his supporters to forgive all those that may have offended them in anyway, assuring them of his readiness to reconcile with all stakeholders in the area, irrespective of political and party affiliation.

“We must use ISOPADEC funds to develop our place. We shall end the practice of sharing of ISOPADEC funds. We shall take care of our women, youth and elderly.

“We will touch the lives of our people. Our brothers shall no longer be used as thugs. We shall not steal your money.

“If it is about money, we would not have won this election. We earned the confidence and trust of Imo people. We will ensure that the trust is sustained,” he said.

“You must begin the process of reconciliation. No matter the political party anybody belongs to, I want to tell you that I will bring everybody under one roof.

“This is a task I have given to myself. I will start from my community, Local Government, Federal Constituency and of course Orlu zone.

“I will reconcile every reconcilable person or group. My people, out of benevolence, brought me from Councillorship, to Local Government as Chairman, then House of Assembly and House of Representatives. Today, I am Deputy Governor-elect. What has God not done for me? You will see a different Irona. We shall not let you down,” he added.

Speaking on his experience in opposition for over a decade in the state, Mr Irona stressed that, “We remained in the PDP; transformed PDP and conducted the best primaries ever in the history of Imo. We chased away all the criminals and sanitized the party. I told you earlier that nobody will rig my election. So it has happened. Of all that they did, could they rig us out?”

He poured encomiums on his political leader, Senator Francis Arthur Nzeribe, pledging his continued loyalty to the Arthur Nzeribe political dynasty.

“I am grateful to our leader, Chief Senator Francis Arthur Nzeribe. I am proud to come from this dynasty. Nobody! Nobody! Nobody will destroy this dynasty. He is the man that taught me not only how to do politics, but to manage my resources; a man with a forgiving heart; a political colossus, strategist and father of all,” the politician said.

Mr Irona used the occasion to call on all those that left the political family of Chief Nzeribe to return, assuring them of warm reception.

“I want to say it here that our brothers who, for certain circumstances decided to leave this family should return. I promise that I shall not oppress, harass or intimidate anyone with this position. I shall not take away anyone’s property from him/her.

“I promised you that all your efforts will be rewarded. It is also your duty to protect your own. The task is huge, but, with your support and prayers, we shall succeed. Don’t come to me to run anybody down. If you do it, you have lost my friendship,” he said.

Highlights of the event were visits to the oldest man in Oguta, Sir Benneth Maduagwu Okororie, traditional dances, among others.

General

Nigeria Pushes Bid to Host AU Monetary Institute

Published

17 hours ago

17/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigeria has intensified its bid to host the African Union (AU) African Monetary Institute (AMI), with the Federal Ministry of Finance leading coordinating efforts to secure the institution ahead of its planned 2026 operationalisation.

The renewed push was made on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., where Nigeria is advancing its case as a credible host for the continental institution central to Africa’s monetary integration agenda.

Speaking through the Permanent Secretary of the Ministry, Mr Raymond Omachi, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the country’s full political and institutional backing for the initiative. He stated that Nigeria has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place.

The Nigerian government emphasised that hosting the institute aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination.

It noted that the institute represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.

Earlier, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had reaffirmed Nigeria’s readiness through his representative, the Deputy Governor, Economic Policy, Mr Muhammad Abdullahi.

He indicated that a dedicated office facility has already been secured in Abuja and made available for inspection, reflecting the country’s preparedness to meet host country obligations.

According to the Ministry, Nigeria remains actively engaged with the African Union and is prepared to conclude all required agreements to ensure a seamless take-off of the institute within the stipulated timeline.

The African Monetary Institute, approved in February, is designed to strengthen policy coordination, stabilise exchange rate frameworks, and lay the groundwork for eventual monetary unification across the continent.

On his part, the Chief Economist and Vice President of the African Development Bank (AfDB), Mr Kevin Urama, noted that the institute would strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.

Nigeria hosting the institute would mark the presence of another African-based organisation in Africa’s most populous country, which also plays host to the African Energy Bank.

General

Army Foils Oil Theft Operation, Arrests 14 Suspects Near Dangote Refinery

Published

18 hours ago

17/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Troops of the 81 Division Nigerian Army have successfully foiled an illegal petroleum bunkering operation and arrested 14 suspected oil thieves at the Lekki Free Zone general area near the Dangote Refinery in Lagos State.

According to the troops, acting on credible and actionable intelligence, they conducted a swift and coordinated operation in the early hours of Thursday, April 16, 2026, at about 0130 hours.

During the operation, the suspects were apprehended while actively siphoning petroleum products.

The criminals had illegally connected a long pipeline from the high sea to a tanker concealed in a bush location and were using a generator-powered pumping machine to transfer the products into the vehicle.

On sighting the approaching troops, the suspects attempted to flee but were swiftly overpowered and arrested by the soldiers, with their operational equipment confiscated.

Items recovered from the scene include a petroleum tanker truck loaded with siphoned petroleum products, one Lexus Highlander SUV with Registration Number APP 67 JQ Lagos, one Ford Hilux vehicle with Registration Number BY 117 FST Lagos, one pumping machine, one 40HP boat engine, and a large quantity of industrial hosepipes and other related bunkering equipment.

The arrested suspects and recovered items are currently in the custody of the 81 Division of the Nigerian Army for preliminary investigation and subsequent handover to the appropriate prosecuting agencies in accordance with extant laws.

The Nigerian Army reiterates its unwavering commitment to combating crude oil theft and other economic sabotage, particularly within critical national infrastructure zones.

The Army in the statement said, “Members of the public are encouraged to continue providing timely and credible information to the military and other security agencies to enhance ongoing operations.”

General

Reps Okay N248.6bn Relief, 10-Year Debt Plan for Ikeja Electric, Two Others

Published

21 hours ago

17/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The House of Representatives, via its Public Accounts Committee, has approved a N248.6 billion financial relief package alongside a 10-year debt restructuring plan for Kano, Jos and Ikeja Electricity Distribution Companies (DisCos).

The decision followed the adoption of a report by a technical subcommittee set up to review findings in the 2021 Auditor-General’s report, which highlighted rising indebtedness among electricity distribution firms.

The approved framework covers N128.57 billion in accrued interest spanning 2015 to September 2025, as well as N120.06 billion in historical debts. This brings the combined liability of the three DisCos to N248,637,089,278.83.

Chairman of the subcommittee, Mr Mark Chidi Obetta, said the intervention is aimed at stabilising Nigeria’s electricity market and addressing legacy financial burdens affecting the sector.

He noted that the measure forms part of broader legislative efforts to restore financial sustainability within the power distribution segment.

Findings from the report indicate that the total debt owed by the country’s 11 DisCos rose from N1 trillion in December 2024 to N1.3 trillion as of September 2025, covering both principal and accrued interest.

According to data from the Nigerian Bulk Electricity Trading Company (NBET), Abuja DisCo owes N275.16 billion, Kaduna DisCo N303.8 billion, and Jos DisCo N104.37 billion. Kano DisCo’s debt stands at N96.62 billion, while Ikeja DisCo owes N47.63 billion.

The committee said its investigation was designed to verify the Auditor-General’s claims, determine the current debt profile of the DisCos, and uncover reasons for persistent defaults in payment obligations.

During the review, Jos, Ikeja and Kano DisCos challenged the imposition of interest charges, arguing that existing Market Rules did not expressly provide for such penalties. This prompted regulatory clarification from the Nigerian Electricity Regulatory Commission (NERC).

In a directive issued in January 2026, NERC instructed NBET not to charge interest on outstanding invoices between 2015 and 2020, but permitted interest charges on debts from 2021 onward.

The regulator also ordered that interest linked to delays associated with Meristem be disregarded, directing NBET to recompute liabilities, including the N128 billion interest attributed to the three DisCos.

As part of the resolution, the committee recommended that the affected DisCos restructure their N120.06 billion historical debts over a period not exceeding 10 years.

It further directed that N13.39 billion in liabilities incurred by Kano DisCo during its period under government receivership be transferred to the Nigerian Electricity Liability Management Company (NELMCO), in line with established sector precedents.

The committee also called on NERC to mandate NBET to waive N128.57 billion in interest accrued between 2015 and September 2025, citing the escrow arrangement under which DisCos do not have direct access to their revenue collections.

Chairman of the Committee, Mr Bamidele Salam, urged all electricity distribution companies to meet their market obligations going forward, warning that failure to implement urgent financial and regulatory reforms could further threaten the sustainability of the sector.